中文摘要：

本文以2005—2010年开放式基金为样本进行实证检验，发现支持锦标赛预测的证据主要集中在牛市期间。输赢家投资风格改变方向趋同，羊群效应是导致基金行业缺乏锦标赛效应的主要原因。期中业绩排名将引起输赢家的动量／反向和价值／成长风格发生改变，这两种投资风格的改变影响基金选股能力和期末业绩排名变动。投资者的申赎决策主要考虑基金的价值／成长和动量／反向风格的改变。在锦标赛制度下基金经理个人特征将进一步影响投资风格的改变。

英文摘要：

Using 2005-2010 open-end funds as sample, after empirical test this paper found that tile evidences for tournament effect were mainly in the bull market period. The changing direction of the investment style of winners and losers are similar, and the herding effect is the primary cause for absence of tournament effect. The midterm performance ranking will change the investment styles of both winners and losers in momentum/reverse and value/growth, and the changes of the investment styles will further affect the stock selection ability, fund performance rankings, and the net cash flow. The change in investment style of the fund caused the market reaction and the purchase and redemption decision-making of the investors based on the investment styles of both momentum/ reverse and value/growth. When faced with competition pressure, characteristics of fund managers have further influence on investment style changes.